AP Markfed seeks market intervention fund

The Andhra Pradesh State Cooperative Marketing Federation (AP Markfed) has submitted a memorandum to the state government urging it to form a revolving fund for market intervention.

"We have asked for a revolving fund of at least Rs 100 crore, and the agriculture, marketing and cooperative ministers have discussed on how things should work. Since the proposal of implementing a market intervention fund is in the Congress manifesto, we are hopeful of receiving a positive response from the state government soon," Ponnam Prabhakar, chairman of AP Markfed, told mediapersons on Wednesday.

Prabhakar said the federation had started commercial procurement of turmeric in Nizamabad from March 21, 2007, and had so far procured around 600 quintals at a premium of between Rs 2,100 and Rs 2,400.

"The entry of Markfed has resulted in the general rate hike of turmeric by Rs 100-200 per quintal at Nizamabad. This has directly helped many farmers get better rates, compared with the prevailing price of Rs 1,400-Rs 1,800 per quintal. Arrivals have just started in Duggirala and Kadapa, and we will soon start procuring the produce from these market yards," he said.